Published: Sat, October 13, 2018
Money | By Ralph Mccoy

James Murdoch In Driver’s Seat To Replace Elon Musk As Tesla Chairman

James Murdoch In Driver’s Seat To Replace Elon Musk As Tesla Chairman

Tesla paid another $20 million to the SEC, despite not being charged with fraud.

According to the FT report, external options were still being considered. Tesla, Murdoch and 21st Century Fox haven't provided comment on the matter. Atherton Research says Elon Musk's auto company sold 69,925 of its Model 3, S and X cars, while Mercedes Benz sold 66,542 vehicles (excluding commercial vans) in the U.S.

The tweet stoked Musk's long-running feud with short sellers, a category of investors that have been betting on Tesla's stock to fall.

Musk was required to step down last month as chairman of the electric vehicle company he founded, as part of a settlement with the US Securities and Exchange Commission.

In addition to the monetary penalties, the settlement requires Musk to resign from his role as chairman of the board at Palo Alto, Calif. -based Tesla and "comply with mandatory procedures to be adopted by Tesla concerning the oversight and approval of his Tesla-related public statements", according to the filing.

The FT report follows a New York Times report last week that some Tesla directors had proposed Murdoch for the chairman role.

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Murdoch will not join his father, Rupert Murdoch, and his brother Lachlan at "New Fox" - the entity remaining after 21CF's sale of assets to Disney is completed.

Tesla is under scrutiny for failing to produce its Model 3 sedan quickly enough and in sufficient volume to meet customer demand. Also notable in the filing is that Tesla appears to have actually registered a trademark for "Teslaquila" before, though the company applied for it in Jamaica back in April.

Under terms of the settlement, Musk is not permitted to be re-elected to the chairman post for three years.

Shares of Tesla closed Thursday down 1.8 percent at $252.23 as the Dow Jones Industrial average dropped over 500 points.

The SEC sued Musk on September 27, alleging that a series of "false and misleading" tweets he made in August about potentially taking Tesla private constituted securities fraud. As part of the settlement, Tesla must appoint two more independent directors to its board and implement procedures to oversee Musk's online communications - including his Twitter account.

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